I'm not sure if this is supposed to be posted here but I'm not sure this would be welcome in c/wallstreetbets (lmao) either. It's just sad and dispiriting. Not really gonna say more about this because it's been pretty draining tbh.

Also, before someone says "well I don't think it's WRONG to talk about this, and I don't think it's praxis, and y'know I had to pay rent and spent some money on this and I just like laughing at Melvin eating shit and...." cool, I'm not talking about you, you know which people I am talking about.

  • space_comrade [he/him]
    ·
    4 years ago
    Idk where people are taking 70B in the hole from, a couple firms lost around 5B or so, and Melvin Capital (the biggest loser) closed their position afaik now.

    What are your sources for this info? I was under the impression that this isn't over yet.

    • Pezevenk [he/him]
      ·
      4 years ago

      It's not completely over (and it's not just Melvin that shorted the stocks) but it seems like it peaked a while ago and now it is fluctuating at a lower price before it collapses. Not 100% sure because who the fuck knows what the stock does but at this point it seems like it is at least partly artificially supported by WSB holding and convincing more people to get in on this, and not so much because of the shorts.

      • space_comrade [he/him]
        ·
        4 years ago

        at this point it seems like it is at least partly artificially supported by WSB holding and convincing more people to get in on this, and not so much because of the shorts.

        Well yeah that's pretty clear to /r/wsb. That's why they're holding onto the stocks until the ghouls have to buy huge amounts of stock.

        • Pezevenk [he/him]
          ·
          4 years ago

          That's not what I mean. I meant that the price isn't that high so much because the short sellers need to buy all that stock, but because randos are still buying in. Shorting interest is still high but I'm not sure if what is happening is "sustainable".

          The way in which this whole scheme was supposed to be different from a more ordinary stock market bubble resembling a ponzi scheme is that this was supported by short sellers who really needed to buy all that stock at any cost. So it was supposed to be a free for all funded by Melvin. Now I think it is gradually moving away from that and getting closer to a more typical kind of bubble.

          • space_comrade [he/him]
            ·
            4 years ago

            I meant that the price isn’t that high so much because the short sellers need to buy all that stock, but because randos are still buying in. Shorting interest is still high but I’m not sure if what is happening is “sustainable”.

            Well yeah that's where the gamble is. /r/wsb seems to be pretty enthusiastic about holding out until the ghouls have to buy.